Hi, I’m Candace Bell and I’m a family lawyer here at Turnbull Hill Lawyers and today I’ll be talking to you about capital gains tax and what it can mean in your family law matter.
Does part of your property pool have an investment property?
Is one of the parties wishing to keep that property in your overall settlement?
Capital gains tax may be an issue and it can have an implication on what your overall entitlement might be.
Often I need to
discuss with clients capital gains tax especially when they’re talking about
which property in their pool they wish to retain. You may wish to keep one of
your residential investment properties because you know in a few years it may
have some great growth. What you may not realize though is that you’ll take on
any capital gains tax liability that may be incurred.
If we haven’t addressed any of these capital gains tax issues in your documentation, it might be too late. It’s important that you get the right advice at the start to make sure all these matters are dealt with.
If you’re going through a separation or thinking about separating, this may be something that’s relevant to you. If so, feel free to contact the team here at Turnbull Hill Lawyers.